X-Stock | DCM VND40,200 +7%: Q4/2025 Earnings Update

EARNINGS UPDATE

Q4/2025 results: Net revenue reached VND4,528bn (+7% YoY, +52% QoQ), while NPAT-MI reached VND390bn (+38% YoY, +19% QoQ).

• Gross margin reached 27.7% (+11.5 ppts YoY, +5.7 ppts QoQ), supported by: (i) average selling prices of urea and NPK increasing by 20% YoY and 8% YoY, respectively; and (ii) raw material costs declining by 8% YoY.
• Selling and G&A expenses reached VND855bn (+85% YoY, +126% QoQ), with the selling and G&A expenses/net revenue ratio at 18.9% (+7.9 ppts YoY, +6.2 ppts QoQ). This was due to a sharp increase in G&A expenses, which rose more than fivefold YoY (+423% YoY) to VND473bn, while selling expenses increased only slightly.
• Financial income declined by 54% YoY and 58% QoQ to VND54bn, mainly due to lower financial investments.
• Fertilizer sales volume: (i) urea reached 209,000 tonnes (-7% YoY); and (ii) NPK reached 99,000 tonnes (+18% YoY), while self-trading fertilizer volume reached 71,000 tonnes (-13% YoY).

For full-year 2025: net revenue reached VND16,961bn (+26% YoY), while NPAT-MI reached VND1,934bn (+47% YoY).

BSC’S ASSESSMENT

Q4/2025 earnings were in line with BSC’s forecast, in which:

(i) Actual gross margin performed better than expected, supported by improved selling prices and lower input gas prices. Gross profit in Q4 increased sharply by 84% YoY and 91% QoQ.

(ii) High G&A expenses, mainly related to management staff expenses and welfare fund provisions, eroded profitability.

Overall, Q4/2025 NPAT-MI was broadly in line with BSC’s forecast. For full-year 2025, actual net revenue and NPAT-MI fulfilled 99% and 94% of BSC’s forecasts, respectively.

Key information to watch — Domestic fertilizer prices: urea prices reversed and increased slightly by 4%–5% compared with end-2025, while NPK prices maintained a stable sideways trend (Details are available on page 2)